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Interim Results for the six months ended 30 June 2018

01 October 2018

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CHAIRMAN'S STATEMENT

I have pleasure in presenting the condensed interim financial statements of UAE Oil Services plc (the "Company" or "UAE Oil Services") for the period from 3 January 2018 to 30 June 2018.

During the financial period, the Company reported a net loss of £531,559 (0.53p per share). As at 30 June 2018, the Company had cash in bank balance of £668,056.

The Company was incorporated on 3 January 2018 with the purpose of making acquisitions in the oil and gas support services sector in the MENA region, with an initial focus on the UAE.

On 17 August 2018 , the Company announced that it was in discussions over the share-for-share acquisition of the OBN Group, an oil services business in the United Arab Emirates (the "Potential Acquisition"). The terms of the Potential Acquisition have not been finalised and it remains subject to due diligence, completion of a fundraising and re-listing of the enlarged group on the London Stock Exchange.

If the Potential Acquisition is completed, it would constitute a reverse takeover under the Listing Rules and would be subject to approval by shareholders of the Company at a general meeting. As the Company was unable to provide full disclosure under Rule 5.6.15 of the Listing Rules on 17 August 2018, the Company requested the UKLA to suspend listing of its ordinary shares on the Standard Segment of the Official List, and as traded on the Main Market of London Stock Exchange pending publication of a prospectus setting out details of the Potential Acquisition (or in the alternative the Company announcing that the discussions have been terminated). Suspension of trading was effective from 4.30 p.m. on 17 August 2018. A further announcement will be made in due course.

I look forward to the year ahead with gratitude to our shareholders, for their continued support.

 

Nils Trulsvik
Executive Chairman

28 September 2018

 

DIRECTOR'S STATEMENT

The Company increased its paid-up capital through the issuance of 99 new ordinary shares on 3 January 2018 at a price of £1.00 per share and 999,900 new ordinary shares on 27 March 2018 at a price of £1.00 per share. These issues raised gross cash proceeds of £999,999 before expenses.

The main expense for the Company is its legal and professional costs. The management intends to monitor and control this to be cost efficient and minimise its net loss before a suitable acquisition.

The Board looks forward to providing further updates to shareholders in relation to the potential acquisition of the OBN Group.

Responsibility Statement

The Directors are responsible for preparing the Condensed Interim Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with International Accounting Standard 34 on Interim Financial Reporting (IAS 34) as adopted by the European Union.

The Directors confirm that, to the best of their knowledge, the condensed interim financial statements have been prepared in accordance with IAS 34 as adopted by the European Union. The interim report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

  • an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
  • material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.

 

Stephen Smedley
Chief Financial Officer

28 September 2018

 

Enquiries:

UAE Oil Services Plc www.uaeoilservices.com
Stephen Smedley info@uaeoilservices.com
WH Ireland Limited +44 (0)20 7220 1666
Tim Feather  
James Sinclair-Ford  
Walbrook PRĀ (PR advisers) Tel: +44 (0)20 7933 8790
Paul McManus uae@walbrookpr.com
Nick Rome  

 

UAE OIL SERVICES PLC
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2018

    Period ended 30 June 2018
  Note (Unaudited) £
     
Loss for the financial period 4 (531,559)
     
     
Total comprehensive income attributable to the equity owner   (531,559)
     
     
Loss per share 5 (0.53)
Basic and diluted loss per share 5 (0.53)
     

 

UAE OIL SERVICES PLC
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018

  Note 30 June 2018 (Unaudited)
    £
Assets    
Current assets    
Cash and cash equivalents   668,056
     
Total Assets   668,056
     
Equity and liabilities    
Accruals and deferred income   199,615
Reserves   (531,559)
Share capital 6 1,000,000
     
Total equity and liabilities   668,056
     

 

UAE OIL SERVICES PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2018

  Share Capital Reserves Total
(Unaudited) £ £ £
       
On incorporation 100 - 100
Further share issue 999,900 - 999,900
Result for the period - (531,556) (531,556)
     
Balance at 30 June 2018 1,000,000 (531,556) 468,441

The share capital comprises the ordinary issued share capital of the Company.

Issued share capital was 1,000,000 shares of £1.

 

UAE OIL SERVICES PLC
CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2018

  Period ended 30 June 2018 (Unaudited)
  £
Cash flow from operating activities  
Loss for the period (531,559)
Increase in trade creditors 199,615
Net cash deficit from operating activities (331,944)
   
Cash flow from financing activities  
Proceeds from the issue of share capital 1,000,000
Net cash flows from financing activities 1,000,000
   
Net increase in cash & cash equivalents 668,056
   
Cash and equivalent at end of period 668,056

 

Notes to the Condensed Financial Statements
For the period ended 30 June 2018

The notes are available in the printable pdf of the results. To download it, pleaseĀ click here

 

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